Tax Planning in Sez

valuate PLANNING AND BUSINESS The issue of evaluate occupies a funda psychical position in a modern defers economic, political and fiscal policies. The national appraiseation policy is hence a starting point for successful business mental process and practice. Every business must take into news report assess income revenueation angle in commercial and investment plans. several(prenominal) issues that issue forth are necessary to chthonicstand the Kenyan tax arrangement:- 1.0 task SYSTEM DEVELOPMENT The Kenyan tax trunk victimization goes back to 1958 under the East African Income impose counseling Act which was applicable oer Kenya, Uganda and Tanganyika. The three countries tax was administered under a single Tax Commissioner found at capital of Kenya where tax was collected and later allocated to to each one territory. The brass was practicable up to 1973 when the East African Community was disbanded with each res publica managing its own tax. Kenya Parliament enacted the Income Tax Act majuscule 470 in 1973 to effect this change. The Income Tax Act was operational over the historic period save for the annual Finance bud works which introduced routine tax changes after the annual budgets. 2. TAX REFORMS The first changes came into being from 1989 which coincided with the multicompany political changes from 1990. 1.2.

1VALUE ADDED TAX ACT 1989 The esteem Added Tax Act of 1989 introduced the famous consumer tax on goods and work effective from January 1990. The new tax party replaced the former gross sales Tax which was only levied o n goods. 1.2.2 individual(prenominal) I! DENTIFICATION NUMBER [PIN] The person-to-person appellative Number was introduced in 1992 to be applied for by both natural persons and legal persons for tax purposes. The Personal credit Number is to be used as a tax file number and also quoted when authentic business transactions are being entered into. The Personal Identification Number is based on a computer net income where all monetary and tax data is amassed in...

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